In an interview with Bloomberg this week, early bitcoin investor, Roger Ver gave an optimistic assesement of the cryptocurrency industry, reminding his interviewer that the fundementals in the market are strong despite the bear market.
Ver was asked about the future of the industry, and invited to share his predictions of what prices would be in the future. When asked if we have finally seen a floor to the recent price drops, Ver pointed out that there is no telling what the market will do. Ver said:
“Nobody knows, that's part of the excitement of cryptocurrency, nobody knows if is going to go up, down or sideways in the short term.”
When pressed further, Ver replied:
“I am a fundamentals investor so I am investing in fundamentals, long term the future is brighter than ever. There is more awareness, there is more adoption and other amazing stuff happening all over the world. so of course I'm incredibly bullish on the entire cryptocoin ecosystem”
Ver went on to explain that adoption of the technology is continuing to grow, and the prices will follow suit once there are a sufficient number of people using it on a regular basis.
— Bloomberg Crypto (@crypto) December 4, 2018
Optimism in the Industry
Ver’s sentiments are shared by many long-term holders of cryptocurrency who are less focused on the day to day price movements, and more focused on the development of the technology and its potential uses.
Traditional media began paying attention to Bitcoin and other cryptocurrencies because it was many people fast money, and have since maintained this very superficial interest and understanding of the industry. As a result, mainstream coverage on the topic has been dominated by price discussions, with little mention of the disruptive power of the technology. As crypto holders have learned over the years, bear markets are a natural part of the cycle, but if the technology continues to advance, the long term growth will sustain these losses.
Bloomberg was able to get the bold price prediction that they were seeking from a different interview this week with Quoine CEO Mike Kayamori, who told the news agency that cryptocurrencies will surpass their all-time highs by the end of next year.